Despite the pandemic, martech investments have increased for some organizations, according to new research from Demand Spring, a provider of integrated strategy, content and technology services. The State of MarTech During a Pandemic report found that 43% of respondents have added new solutions into their martech stack despite the impact of the pandemic.
In addition, 36% of marketers saw a cut to their martech budget, with 24% of organizations pausing or canceling martech subscriptions they deemed “non-essential” to their marketing strategies. The report concluded that these organizations are most likely searching for more relevant martech solutions that will help mitigate the decrease in their sales pipeline and revenue.
But challenges still remain, as the report also found that 67% of respondents saw a negative impact on pipeline, revenue and martech implementation due to social distancing protocols and canceled in-person events.
“We had heard various tidbits from marketers over the past few months indicating that the pandemic has brought changes to their marketing organizations, particularly when it came to the tech stack,” said Mark Emond, President of Demand Spring, in a statement. “Marketers have added new technologies during the pandemic, which indicates that their shift in focus resulted in bringing in new technologies to meet their evolving requirements. And, even though many organizations have seen budget cuts, the good news is that 44% of marketers expect martech spending levels to return to normal in 2021.”